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tv   U.S. Senate  CSPAN  December 2, 2010 5:00pm-5:04pm EST

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-- the. the presiding officer:. the presiding officer: the senator from maine. ms. collins: i ask unanimous consent proceedings under the quorum call be dispensed with. the presiding officer: without objection. ms. collins: madam president, unless congress acts, the new year will begin with the imposition of an onerous new tax burden for american families. they will face an automatic tax increase of nearly $2.7 trillion, one of the largest tax
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increases in history. when the 2001 and 2003 tax laws expire. this tax increase will hit all american earners, regardless of their income level and regardless of whether they are married or single, retired or working or salaried or hourly employees. it's my judgment that the 2001 and 2003 tax relief laws should be extended for all americans. with the economy still weak and with unemployment persisting at nearly 10%, now is not the time to be raising taxes on anyone. now some argue that americans in the higher tax brackets should not be protected from this tax
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increase, but that argument for higher taxes come january 1 ignores the fact that a tax increase on top earners is a tax increase on small businesses, and, thus, a tax on jobs at a time when we should be doing everything possible to stimulate the creation of more jobs. madam president, as you are aware, most small businesses are pass-through entities. they are sole proprietorships, partnerships or "s" corporations that must report their earnings on their owner's individual tax returns. according to the joint committee on taxation, there are some
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750,000 pass-through small businesses in the top two tax brackets. higher taxes hurt these small companies by taking away capital that they need to grow and to add jobs. in maine, there are numerous small businesses that would be hurt by this tax increase. one is d.n.g. machine products, a precision design, machining and fabrication operation located in west brook, maine, founded in 1967, this company now has more than 130 highly skilled and dedicated employees. when i visited this company in august, the owner, dwayne gushey, expressed to me his concerns about the impact that higher taxes would have on his growing business. he explained that d.n.g.
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competes with companies all over the world for markets and customers. without constant innovation and investment and cutting-edge technology, d.n.g. would lose its customers and the jobs of its employees would be in jeopardy. the tax increase that could go into effect unless we act would hit d.n.g. on january 1 and would take money out of its bottom line, money that is needed to upgrade its equipment and stay ahead of foreign competition.


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